Geode Capital Management LLC Has $1.26 Billion Stock Holdings in Marvell Technology, Inc. (NASDAQ:MRVL)

Geode Capital Management LLC increased its position in shares of Marvell Technology, Inc. (NASDAQ:MRVL - Free Report) by 0.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,468,144 shares of the semiconductor company's stock after acquiring an additional 80,005 shares during the quarter. Geode Capital Management LLC owned 1.33% of Marvell Technology worth $1,263,755,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in Marvell Technology during the 4th quarter valued at about $1,138,354,000. GQG Partners LLC purchased a new position in Marvell Technology during the fourth quarter valued at approximately $802,410,000. Wellington Management Group LLP increased its stake in Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after buying an additional 3,747,982 shares during the period. Raymond James Financial Inc. acquired a new position in Marvell Technology in the 4th quarter valued at approximately $366,896,000. Finally, Artisan Partners Limited Partnership lifted its position in Marvell Technology by 98.4% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,100,825 shares of the semiconductor company's stock worth $452,936,000 after buying an additional 2,034,353 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.

Marvell Technology Stock Performance

Shares of MRVL traded up $0.56 during trading hours on Wednesday, reaching $63.23. 13,036,853 shares of the company traded hands, compared to its average volume of 12,939,000. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The stock's fifty day moving average is $90.32 and its 200 day moving average is $93.37. Marvell Technology, Inc. has a 1-year low of $53.19 and a 1-year high of $127.48. The stock has a market cap of $54.76 billion, a P/E ratio of -37.19, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42.

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Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be issued a $0.06 dividend. The ex-dividend date is Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.38%. Marvell Technology's dividend payout ratio (DPR) is -23.53%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MRVL shares. Morgan Stanley cut their price objective on Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating for the company in a report on Thursday, March 6th. The Goldman Sachs Group raised their price target on Marvell Technology from $115.00 to $131.00 and gave the stock a "buy" rating in a research note on Friday, January 10th. Melius Research upgraded Marvell Technology to a "strong-buy" rating in a report on Monday, January 27th. Oppenheimer raised their price objective on shares of Marvell Technology from $110.00 to $125.00 and gave the company an "outperform" rating in a research report on Wednesday, December 4th. Finally, StockNews.com upgraded shares of Marvell Technology from a "sell" rating to a "hold" rating in a research note on Thursday, January 9th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $120.44.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $103,245.00. Following the completion of the transaction, the chief financial officer now owns 113,592 shares in the company, valued at $7,818,537.36. This trade represents a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the sale, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,685 shares of company stock worth $4,026,768. 0.33% of the stock is currently owned by company insiders.

Marvell Technology Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.